Below is our recent interview with Jay Prasad, Founder of Solomon Markets:
Q: Could you provide our readers with a brief introduction to Solomon Markets?
A: Solomon Markets is the UK’s first 0% commission sports betting exchange. For those who are new to the industry, there are primarily two types of betting platforms – a betting exchange and a sportsbook. A betting exchange allows for peer-to-peer betting, rather than wagering against a sportsbook, or ‘the house’ (which is what one would do if they used a sportsbook). In turn, Exchanges offer better odds and higher payouts. However, both betting exchanges and sportsbooks take a cut of your winnings in the form of commission fees. With Solomon, bettors can keep 100% of their winnings, 100% of the time.
Taking into account numerous pain points from the bettors of today, we’re building Solomon from the ground up for the digital age. Every day we work towards accomplishing our mission of creating a transparent sports betting platform that prioritizes fairness, simplicity, and entertainment to give our users the best possible sports betting experience. With Solomon, sports bettors have access to the best odds and highest payouts at all times. Ultimately, our main priority is the user, and we intend to not only raise the bar but also become the standard of today’s sports betting world.
Q: What makes you the best choice?
A: We’re the best choice because we offer the best sports betting experience there is. By following our rigorous user-first approach, we’ve established a multi-faceted platform like none other. Commission-free betting, easy odds comparison, and a heavy focus on user experience – with Solomon, it’s more than just a bet.
The key to our multifaceted platform is our commitment to 0% commission betting. This is to stay true to our mission of promoting the fairest odds and markets. Users can now stop paying up to 5% every single time they win a bet. Take this metaphor for example; when you withdraw cash from ATM machines that are not associated with your bank, how annoying is it to pay the £1.50-£2 every single time you want to withdraw cash? Although the difference between 5% and 0% seems nominal, this is, in fact, a massive reduction in fees incurred over the lifetime of a bettor’s account value. To illustrate the savings users could realize using Solomon, picture the following hypothetical scenario between user A and user B.
Let’s say that User A bets with Solomon, at 0% commission, and User B bets with another Exchange, at 5% commission. Assuming each user bets £120 once a week at the odds of 1.67 and wins, User A realizes savings of more than £200 in just a single year, compared to User B. These savings are with conservative estimates since, in the UK, most bettors wager with much higher volumes of both frequency and amount of which they bet with.
Another unique feature of our platform allows users to compare odds across all major betting exchanges for any event, at any given moment in time. We aggregate data from other Exchanges to make it as simple as possible for the bettor. This ensures they are getting the best odds possible as they place their bet – whether on our own Exchange, or our competitors’ Exchanges. We call this feature the Solomon Marketplace – users can shop odds and place bets, all through a single, centralized Marketplace.
We also place heavy emphasis on user experience – prioritizing sports entertainment and fan engagement; bringing our users the latest news, match times, live updates, and other relevant information, while making betting on their favorite teams easier and more exciting than ever. In today’s betting world, the existent Exchanges have done nothing to promote sport itself. It’s all just matrices and numbers. This has unfortunately made today’s sports betting experience extremely cold, financial, and not-very-fun. With Solomon, users are able to select their favorite teams and keep engaged. Stay on top of the action and personalize your betting experience with us.
As a Solomon user, you save money and have the highest payouts, but above all, you can enjoy an intuitive, clean, and easy-to-use app. With a focus on simplicity and a seamless experience, we’re bringing the fun and joy back to sports betting.
Q: What sports and events will you offer?
A: As with many products, we’ll get better with time. At launch, we will offer Football, namely the English Premier League, UEFA Champions League, and FA Cup. As our user base expands, we will rapidly begin to offer markets on Horse Racing, Cricket, Tennis, Golf, and much, much more.
Our goal is to offer markets from the English Premier League, to Gaelic Division 1 Hurling. Basically, we want to provide markets on, well, everything.
Q: How would you convince the reader to start using your platform?
A: If you’re a veteran sports bettor looking for the best possible value, our platform is right for you. You can’t beat 0% commission. Combined with the ability to bet on other Exchanges through us, as well as live notifications sent straight to your device, it’s a no-brainer. Your wallet will thank you as you save up to 5% every time you win a bet (which we assume is more often than not, veteran).
If you’re a sports fan just looking to occasionally bet with your friends on a weekend, or decide to up the ante as you watch your favorite teams play, Solomon is also for you. We make it very simple for the first time and casual bettors to bet, and more importantly, feel comfortable with what’s going on. Betting can be rather daunting, especially when you have no idea how odds work or what the numbers represent, which is an absolute buzz kill. Our intuitive and simple platform won’t bombard you with matrices and numbers. Instead, it’s quick, easy, and a ton of fun – betting has never felt so good.
Q: How do you make money charging 0% commission?
A: We generate revenue by collecting the interest on the cash value of our users’ accounts, just as a bank would collect interest on your cash deposits. We aren’t weighed down by outdated technology, hundreds of employees, expensive sponsorship deals, or fancy office spaces. This allows us to eliminate some of the market inefficiency and offer 0% commission sports betting, giving back to our bettors the winnings they deserve.
Q: What are your plans for the future?
A: As 2019 unravels, we look forward to building the Solomon brand, launching soon, and scaling quickly. From Instagram to Facebook, look out for our fun and quirky advertisements that we have in store for you! Be sure to check us out on social media for various development updates, sports updates, and sneak peeks of our product.
We’re also in the midst of filling up our Early Access sign up list for our Exchange – you can find that form on our website. Our sign up list works on a first come first served basis. Early Access members will be eligible for various rewards and will be some of the first people to be able to use our 0% commission platform. You can boost your place in line by inviting your friends with your unique referral links given to you once you sign up. Inviting is as easy as 1-2-3 once you’re in.
Most importantly, Solomon aims to raise the bar and become the new standard of sports betting. We’re all-in on our users, and creating a revolutionary betting platform that isn’t characterized by outdated technology or design is our ultimate goal.